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Developing countries, financial innovation and financial control valve

Under freely convertible currency. In an open current account convertibility of the currency before the next, with particular attention to following points t the first to maintain stable macroeconomic policies, coordination} Second, the Government should be more fully foreign exchange reserves and strong international liquidity, and to with adequate foreign exchange liquidity I third, the multiple basic lift trade restrictions, tariff rationalization and wells gradually make the exchange more competitive allocation; fourth, well-developed financial markets and a more robust means of indirect control} Fifth, unified multiple exchange rates, exchange rates as much as possible close to the equilibrium exchange rate I Sixth, the basic proud of enterprise reform to keep pace with the gradual lifting of the enterprise for the economic policies (such as changes in market prices, etc.) has a strong ability to respond. Since most of the bulk transport of the market economy in developing countries lack of experience ashamed,[link widoczny dla zalogowanych], and the financial system and the control means is not very sound, in order to avoid inflation. The sharp currency depreciation and a huge balance of payments deficit, the current in a freely convertible currency under the transition, the speed should not be too fast. (2) the currency under the capital account convertibility. On the capital freely convertible currency under, whether limited or open Pina, are like a double-edged sword, advantages and disadvantages. However, with the development perspective, with the obvious economic and financial development of the momentum, the capital of the China Packaging j998 on j8 No. 3 33 freely convertible currency is undoubtedly more advantages than disadvantages, it has been developed confirmed by the experience. International Monetary Fund's 150 member countries, there are more than 3O countries achieved the currency freely convertible, most of the developed countries. But for developing countries, due to reasons known to all, in the case of the premature opening of capital to rush to technology under the currency freely convertible, it is certainly more harm than good. For example, t Japan from the current freely convertible currency under the full liberalization of capital controls, before and after nearly two decades. It can be seen under the capital freely convertible currency should be reaching maturity in the market economy and improve the stage to be considered. Even if this condition is met, in the course of its over spinach must pay attention to the following aspects: First, try to narrow the differences between domestic and foreign financial markets (such as interest rate and exchange rate differences); Second,[link widoczny dla zalogowanych], there must be financial policy with Taiwan. Purpose is to control inflation, reduce the budget deficit, to reduce the pressure on the exchange rate, and ultimately a steady flow of capital and prevent capital flight, to maintain the balance of trade I the third,[link widoczny dla zalogowanych], the prevention of risk to have the ability to resist the financial control cabinet system is perfect and efficient. Capital account convertibility should be done step by step, the following order: first, the first restrictions on trade-related restrictions on capital flows; second,[link widoczny dla zalogowanych], then release of the long-term foreign direct investment and portfolio investment restrictions; the third,[link widoczny dla zalogowanych], the last Release of restrictions on short-term capital flows. When implementing a freely convertible currency, the will to regional trade integration and monetary integration has paved the way for the realization of well laid the foundation for global economic integration Conclusion: Global economic integration and economic and financial technology has become as exaggerated the trend of world economic development, financial innovation and thus economic growth in developing countries has been hsu the only way. But as said earlier, Diego is full of pitfalls along the way, there is no fine town, there will be full of drive shaft are the only solution is in the process of financial innovation correctly grasp the intensity of financial control. China is a developing country. Since the reform and opening in 1978, dare, after nearly = years of exploration, China's financial reform has made remarkable political achievements. Initially established by the central bank, the state-owned commercial banks as the main body, the coexistence of a variety of financial institutions and sub-I cooperative financial system. Blue force operations of financial institutions and development capacity is rapidly increasing. The efficiency of financial markets began from scratch, the comprehensive care is reflected in the currency of the economic and financial trend of the currency structure of the enhanced integrated at the same time + prime rate and currency effects reflect the efficiency of the currency has been significantly improved. But compared with developed countries, China's financial efficiency is still in the saddle letter, k flat on the very nature of the quality of financial assets, the loss of funds things, bad debt rate is high. The central bank's use of economic instruments of monetary control is not too strong a word carved force, reforming the financial system and reform the economy as an integral part, is still in considerable lag like blogs, need to post in the MU further realization of economic development financial innovation. Thus, China and those who wish to achieve economic take-off with the purpose of financial innovation, the developing countries, is facing great challenges in the issue of how financial innovation while avoiding disadvantages, is placed in front of us an important lesson interesting. . . 34J998V0Li8No. 3CHINAPACKAGING

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